this post was submitted on 30 Sep 2025
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Yes, the richest country by GDP, and the world's largest empire, can be crumbling while the world's largest socialist country can be dramatically improving and rapidly developing.
China is by no means a socialist country.
The large firms and key industries are publicly owned, and the working class is in control of the state while capitalists are suppressed and prevented from expanding into those principal firms and industries. It's been socialist since the CPC successfully overthrew the nationalists.
China is a socialist market economy, not a socialist economy.
You can't have a stock market and be a socialist economy.
Cope
Socialist market economies are a type of socialist economy, particularly in the primary stage. Socialism isn't a unique mode of production determined by purity, but just like the others, by its principle aspect. What might help paint a better picture for you is looking at Cheng Enfu's diagram of the stages of socialism:
China presently is in the primary stage, but is at this point well along to the next stage, the intermediate. These aren't hard lines or jumps, but gradually worked through and towards.